An AOD is revolving credit connected to your chequing account in which your withdrawls may exceed your deposit amount. You pay on your AOD every time you deposit to your chequing account.

A LOC is a revolving loan authorization that has a flexible repayment schedule. This allows a member to re-advance money on the LOC without re-applying each time as long as the total of the borrowed funds does not exceed the credit limit. Both AOD and LOC amounts are predetermined between your lender and you.

Members needing ready cash are invited to meet with a Wainwright Credit Union Business Account Manager to establish an authorized overdraft (AOD) or line of credit (LOC).  Both are designed to be flexible to accommodate members’ specific financing needs.

The account manager meets with members annually to ensure the limits that were established continue to meet their cash-flow needs.

AODs and LOCs are available to our members who need financing for operating purposes such as financing accounts receivable, building up inventory, meeting seasonal needs, marketing livestock which present a cash-flow challenge.  Cash can be advanced for specific amounts and terms, or set up as an overdraft on members’ chequing accounts.

Interest rates on AODs and LOCs are usually lower that that of credit cards. Repayment terms are flexible.

Further information is available from our Business Lending Department.